South Dennis, New Jersey Property Taxes
The median property tax rate in South Dennis, NJ is 1.52%, considerably higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With a median home value of $267,075 in South Dennis, the typical annual property tax bill reaches $3,802, exceeding the national median of $2,690. Property taxes in South Dennis are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding South Dennis's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of South Dennis or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
South Dennis, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.52%
Estimate Property Tax Bill
$4,060
Ownwell’s South Dennis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Dennis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Dennis to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across South Dennis, New Jersey
Property taxes in South Dennis, New Jersey, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Dennis is 1.52%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within South Dennis set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Dennis estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares South Dennis's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08245 zip code has the highest median property tax rate of 1.52%, while the 08245 zip code also has the lowest median tax rate of 1.52%. Understanding how these cities compare with South Dennis provides valuable insights into the varying tax landscape across Cape May, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Dennis Tax Rate
1.52%
Average Cape May County Tax Rate
1.07%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Dennis, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08245 | 1.46% | 1.52% | 1.52% | 1.52% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across South Dennis, New Jersey
In South Dennis, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Cape May County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In South Dennis, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in South Dennis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,802, found in the 08245 zip code.
Property Tax Assessment Values Across South Dennis, New Jersey
Source: Ownwell
$42,768
$949,934
$1,857,100
Average South Dennis Assessed Value
$267,075
Average Cape May County Assessed Value
$477,646
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Dennis, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08245 | $211,465 | $215,754 | $267,075 | $284,309 | $335,248 |
Source: Ownwell
Property Tax Bills Across South Dennis, New Jersey
In South Dennis, Cape May County, NJ, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by local tax assessors who evaluate the market value of your property. Once the assessed value is established, it is multiplied by the local tax rate to determine your annual property tax bill. For homeowners in South Dennis, the median home price is $267,075. Property tax bills in this area can vary significantly, with the 25th percentile tax bill at $3,274 and the 75th percentile at $4,314. Those in the 90th percentile face a tax bill of $5,087. This means that while some homeowners might pay less, others could see their property tax bills exceed these amounts. Compared to the national median property tax rate of 0.99%, South Dennis homeowners experience a higher tax burden, reflecting the local government's funding needs and the value of properties in the area. This can have a substantial impact on household budgets, making it essential for homeowners to understand how their tax bills are calculated.
Average South Dennis Tax Bill
$3,802
Average Cape May County Tax Bill
$5,051
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across South Dennis, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08245 | $3,208 | $3,274 | $3,802 | $4,314 | $5,087 |
Source: Ownwell